economics event explanation

Description

The main purpose of the paper is to show me that you are able to apply the concepts you learned during our supply and demand section (Chapters 4-7 and 10). I would ask that you identify a current event and write a one page response explaining the economics of it. You can find tons of examples of current events from reputable news sources. Your event could be from the world of sports, business, politics , etc. In your response, be sure to: 1. Give a brief overview of the event i.e summary of your source article. 2. Discuss how your article relates to concepts that we discussed in class. A discussion of supply, demand, prices, shifts, etc is essential. 3. Think of ways economics could be applied to the situation that were not discussed in the article. I want to leave the paper as open-ended as possible. Feel free to be creative. If you have questions, please run them by me. You should make sure, however, that your paper focuses on the economics of an event–do not stray too much into “normative” analysis. Any sources you use for this project (except the textbook, class notes, etc) must be cited. Papers should be no more than 2 pages long. You are encouraged to attach graphs (supply and demand for example) to assist in your explanation. Graphs and works cited do not count towards your page limit. You are welcome to work in your groups of 3-4 if you choose. If this is the case, turn in one paper per group. The content of papers will be graded on a 3 point scale: 3 – Discussion economics behind event clearly demonstrates knowledge of supply, demand, and related topics. 2 – Discussion of economics behind event is satisfactory. 1- Discussion of economics behind event is unsatisfactory. 0 – No pertinent discussion of economics. In addition, you will receive up to 2 points for a paper that is well-organized, grammatically correct, and contains a works cited page. Points will be deducted if the paper is weak in any of these areas. Thus, the maximum grade you can receive is 5. You may use MLA or APA format.